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Millrose plans $1 billion bond sale for homesite acquisitions
The offering includes $500 million of 2031 notes tied to the timing of the Dream Finders–Beazer merger, with a special redemption trigger if it misses a May 13, 2027 deadline.
Millrose Properties plans to raise up to $1 billion through a two-part private offering of senior notes, plus a $500 million term loan draw, to support homesite acquisitions and reduce revolver borrowings, HousingWire reports. The company intends to issue $500 million of senior notes due 2029 and $500 million due 2031, subject to market conditions, in a transaction exempt from Securities Act registration and marketed to qualified institutional buyers under Rule 144A and certain non-U.S. investors under Regulation S.
Millrose also plans to draw $500 million on its delayed draw term loan facility, giving it up to $1.5 billion in incremental capital. The notes and loan package is designed to expand funding available for builders that use Millrose’s “homesite option platform” model, where Millrose acquires and horizontally develops land to deliver finished lots on a just-in-time basis.
A special mandatory redemption is scheduled for $500 million of the 2031 notes if the Dream Finders–Beazer merger does not close by May 13, 2027. HousingWire reports Millrose’s revolving credit facility had $850 million of principal outstanding as of Sept. 21, 2026, and the company said it expects to use proceeds for general corporate purposes, including paying down the revolver and funding the land acquisition pipeline anticipated from the Dream Finders transaction.